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boehner said no substantial progress on fiscal cliff debt deal while harry reid insists we democrats are on track and will finalize it this year. even chuck schumer weighed in saying progress is being made on the hill and the next is a taste oversensitive. take a look at the intraday, you can see how it was jerked around today. right around 11:30 a.m., speaker john maye -- john boehner spoke. the buyers poured in, the short time later chuck schumer came in. now we are trading near the highs of the day. the dow jones dust they stop 77 points, 45 to the upside. all 10 s. and p. sectors are jumping with technologies leading the way. research in motion a big winner. can you believe the stock is near $12 per share. rim was at $6 per share, but positive comments out of goldman sachs fueling the game. apple in the green continuing the postelection resurgence. apple was in bear market correction level just a few weeks ago, but right now jumping about 1%. disappointing november sales numbers. costs dropping 6%, tiffany got a markdown, earnings missed street estimates. and then there is aeropo
. if it is not extended because of the fiscal cliff, debt relief will become taxable again and that will affect thousands and thousands of short sales and principal reduction loan modifications many under the big robo signing mortgage settlement. that settlement is why short sales have skyrocketed, surpassing foreclosure sales last june and keep on going. in nevada they made up 40% of october sales up from 34% a year ago. that according to lps home price index. now bank of america alone has done over 100,000 short sales so far this year. and i spoke to a rep there who says they are well aware of the potential looming tax risks as are their customers. they say they would love to ramp up short sales but they're already doing them as fast as they can. i ask what happens if the tax relief is not extended? the source told me i would expect we start to get more customers saying i've talked to my tax adviser and i'm going to opt out of that short sale and we'll just take it to foreclosure. and, carl, that is exactly not what we want to hear as this housing recovery is really just gaining steam. >> wow. in your
reporter on the latest in the senate on president obama's proposal on the fiscal cliff and the debt ceiling. this is about five minutes. >> andrew taylor covers congress for the associated press. there were some attempts by mitch mcconnell to get roll-call votes on the president's debt plan and his fiscal cliff plan and the debt ceiling plan. what was he trying to do? >> guest: he was trying to embarrass the democrats. for instance, the president's plan on the debt ceiling was basically allowing the president to request whatever increases without the approval of congress and he thought that would embarrass democrats if they had to vote for it particularly endangered ones. >> sounded like leader reid took the bait. how the democrats respond? >> guest: there are a lot in politics going on here. we just talked about politics from mcconnell's side. democrats are aware that even if they allow -- even if they get the republicans to crumble on raising tax rates for upper bracket people there is still going to be a need next year, say march, to increase the debt limit and that was what john boehner
a function of doing both of the things you talk about, joe. having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceil
for digging into this stuff. we've got the debate about the fiscal cliff and the debt ceiling and we're talking in the trillions. before you can even get to the trillions, if you can't stop stuff like this, does the american public ever believe that washington is going to get its act together if you can't stop this 100,000 here, million there, all, of course, adds up to billions. if we can't stop the zombies, taxpayers paying for the zombies, how can we ever tackle medicare and social security? [laughter] megyn: that's the thing that makes people upset, julie. all right, if you're going to increase my taxes to help pay down the debt, help people in need, that's one thing, but if i'm going to be paying for zombies or for santa to ride the $250,000 sleigh, i object. >> i'm a little embarrassed. can you imagine being an employee and having to pretended to be a zombie? >> those were actors. >> i don't know about that. [laughter] i think they may have been dhs employees dressed up. charles is right, thanksgiving a little ri -- this is a little ridiculous. i understand what they're trying
us from going off the fiscal cliff. they said by the way we need to raise the debt limit and this new proposal of eliminating congress from the process of raising the debt limit. >> senator mcconnell has offered to have an up or down vote on this and democrats haven't taken him up on it. all of the spending reductions that simon cited in the 1990s were tied to the debt limit increase. it gives republicans leverage. president obama has the leverage in the fiscal cliff fight. he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this debt. we keep spending and spending and raising our debt by $6 trillion every obama term. that's what catastrophic. the republicans
to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic to bitty for job growth compared to the unemployment rate would be measurably more than that -- for the economic une
ceiling discussions again." for now, fiscal cliff negotiations have slowed activity. "this is where the market is frustrated by politics. it's a vicious circle." even at a meeting of start-ups, a group some consider below the radar of fiscal cliff negotiations, some entrepreneurs are becoming unusually cautious. "you have to take pause and assess what healthcare and taxes may cost, but we also have an obligation to our investors, so we see the fiscal cliff thing as a temporary roadblock but not something that...it won't stop us from hiring at this moment." one bright spot - according to analysts at mesirow, housing, expecially new housing, in many markets is being driven by investors purchasing homes. another indicator - remodeling. people are putting money into their homes more now. carpeting, appliances, and contract work all spreads the wealth. thank you chuck. still ahead, stocks that make the "must own" list for 2013, right after the break. here is a question a lot of people are asking themselves this time of year - how's your equity portfolio looking? little anxious about maki
it will not happen, no vote today on the debt ceiling, fiscal cliff proposal to basically the breaking news is we're back where we started. melissa: what is the hottest stock on wall street these days. trading under. the bidding war for my favorite bank analyst. i love dick bove. speaker he is in purgatory. a billion dollars unauthorized trade was described as a rogue trader. presumption of innocence, he was arrested earlier in the week. take the firm, the firm has been closed down since then. dick bove has been in purgatory. sources are telling us bove reseed essentially 17 offers to join him, he is now down to five, he has contracted form in five firms. he believes he'll be making the decision on which of these five firms he will go to in the coming days. he says he is close to a deal to revitalize the firm, said he would stay with rockdale. if i tell you this. said he is t has to make up itsd soon, did not say which way he was going. my gut talking to people what he is probably going to leave. who are they? these are midsize firms who basically know he is a well-known analyst. he opened stores
a bipartisan, avoid the fiscal cliff and pay down the debt type of agreement it would be the best thing that could happen. the market would go up and we would be liking like our future was brighter than a lot of americans think it is today. >>neil: are you smoking anything at all? >>guest: drinking a little coffee. >>neil: quickly, senator, i know you have to go the congressional black caucus has come out with a statement saying, really, leave entitlements alone and focus on hiking taxes. that is the gist of the statement. what do you think of that? >>guest: it does not do it. hiring some people -- higher income people pay a disproportional share of the taxes. and they should. but if you bring the rates back to the rate before president bush it doesnot raise enough to get us to ball. you have to curb the increase in spending on the entitlement programs. if you don't do that, and they are the biggest driver of debt, so, the american people, i think, are ready for us to do something that looks according to conventional politics like a bad idea politically, but, actually, i think the publi
the fiscal cliff and fix our debt issues and i'll keep bringing you the lawmakers, economists, and
tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be spending less. that would not be good for businesses. i do not think that is quite to happen. -- going to happen. host: caller, last word with
these issues, if they don't scale back the cliff and raise the debt ceiling and address long-term fiscal issues we have a huge problem on ourselves hands. i think the political star are aligned. the president has his legacy. he's a second-term president and i think he really wants to address this and i think the republicans want to address it as well. so i think we'll get it together. >> schieffer: underline for me again, what happens if they don't get a deal? number one, taxes go up for everybody. >> yeah. so the first thing that happens on january 1, everybody's tax rate-- everybody, everybody in this room, across america-- tax rates will go up >> because the bush tax cuts expire. >> because the bush-era tax cuts expire and everybody's tax rates go up. and then we have a boat load of spending cuts. as part of various deals we have a big cut to defense budget, nondefense. add up it it's 4.5% of the nation's g.d.p. that jus evaporates. >> schieffer: what do you, will happen? >> i didn't believe we would get as close to the wire. i sit in exphurk and look from the mark's perspective. i think the
the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect some of the price- sensitive sectors like jewelry, like chinese jewelry demand. >> reporter: of course, many investors only buy metals for investment reasons. currently, there's over $150 billion invested in gold exchange-traded funds, an all- time high. erika miller, nbr, new york. >> tom: the broad market drifted higher with one eye on economic data and the other on washington. the s&p 500
% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't see it -- a single dime in tax
malandrino with the street.com. >> susie: tomorrow on "n.b.r." we continue our focus on the fiscal cliff, we talk with maya macguineas, of "fix the debt", as her group meets with lawmakers to talk tax and health care reform. also tomorrow, toll brothers reports earnings, and pandora, the internet radio site is also out with quarterly results. and finally tonight, we want to remind you about a special guest on "n.b.r.," later this week. "n.b.r." founding co-anchor, paul kangas will join us on thursday night, december 6. we'll talk about the markets, and he'll answer some of your questions. that's thursday, december 6. you can submit your questions on facebook or twitter, at "bizrpt." >> tom, the questions are just flowing in, we have enough to fill a half hour with paul. so i think it's going to be really a lot of fun. >> tom: it will be. lots of questions about stock market technology. one asking paul, will the dow hit 8,000 or 18,000. also some maritime matters, what sailor paul has done throughout his career and a little bit of conversation about the boat business maybe. >> susie: yeah, he
. >> and don luskin, is it better to own bonds during this fiscal cliff tiff? >> yes, december is the time to be risk off folks. the market's in complete denial. total complacency. the fiscal cliff will create a crisis like the debt ceiling negotiation did that led to the bottom 16 months ago. going to be another buying opportunity. but stocks will be significantly lower. by the way that's what creates buying opportunities. but face it it's going to happen. >> jim la camp, will the stock market vigilantes be necessary to get an agreement in washington? >> i think we're going to see more volatility. >> don and jim, thanks very much. >>> up next why the biggest headache right now for a baseball general manager might just be taxes and the fiscal cliff. don't tell me taxes don't matter. it even affects baseball all next on "kudlow." >>> dominos have a problem with obama care. they claim it forces them to post signs with nutritional information on every product. domino's says it's done the math. there are 34 million possible combinations costing thousands of dollars at each location which of co
. president obama's first offer fiscal cliff, higher taxes, new spending and power over the debt spending. and offered by tim geithner who had tax problems in the past and today president obama is it at a toy factory campaigning for new taxes on the rich. and joining us is julia. >> hi. stuart: how are you. >> i'm great. stuart: i can't believe that you, as a regular american, want to do this to america, do you? >> i think it's because-- i don't think that this is exactly what what's going to happen. stuart: you don't think that the president will actually do this. >> no, no, i think the president has learned to negotiate. what the president would do, he would start with sort of half a loaf and negotiate and give the republicans about 75% of what they wanted. i think he's finally understood if you want to actually get to at least halfway, you have to start at extremes and meet halfway. republicans have done this all along. stuart: you agree with me, if this plan, anything like it from the president, were imposed on the economy at this time it would lead to recession. >> i think that the p
turn to the rest. >> right now we are facing a fiscal cliff. last year we were facing the debt ceiling. before that, we were looking at several potential government shutdowns. at a different level, the appropriations process has not worked as intended for years. neither has the budget process. it seems like abnormal is the normal. that type of activity in this situation where we are already looking ahead to the next potential showdown, as he suggested, with the next debt ceiling altercation, this creates uncertainty, which is not good for the private sector and certainly is not good for the federal government in terms of its ability to function in a normal way. how can congress break out of this? >> do what we are hired to do and to appropriations in a timely manner. in maryland, we have a lot of defense contractors very concerned about sequester. many of them say, warner, warner, a nuisance and-bowles. -- do simpson-bowles. everyone supports it, but no one has read it. but the top line numbers are almost the same -- next time you do a default, do not make it so awful. putting a gun to
, with the european debt crisis looming and that fiscal cliff still unresolved, the robin report's robin lewis thinks many luxury buyers may be holding back this holiday season. >> i think that will cause some cautious spending in the last holiday season, in the last quarter. and if the resolve is made to increase the tax rates of the rich, it will definitely hit the pocketbooks. >> reporter: and there's no doorbusters for luxury players. they're banking on their price premiums and their quality to drive sales. later today, carl, i'll sit down with burberry ceo. we'll talk about all things luxe. >>> straight ahead, why the secret to housing reform might be reforming the fha itself. >>> a little bit laeter, how to play the retailers ahead of this holiday season. "squawk on the street" is coming right back. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and...
to wonder what he is trying to do. we've got the real problem out there, we've got the fiscal cliff, yes, that's interesting but what is really concerning is hitting that debt ceiling which will probably happen sometime around february. we all remember what that was like in august of 2011 and this group seems to be even less willing to work together now than they were in august of 2011 which really lock rocked markets all over the world. david: the question how do we keep our money safe and you actually have a couple of suggestions one which we already talked about. china, yes it has sloane down and as a result a lot of its market valuations have come down but perhaps if europe is not doing it right, if we're not doing it right with regard to growth straygy perhaps china will. you have fax, aberdeen asia-pacific fund? >> yes. in a bit of irony things really evolved in the markets where you used to have developed economies were great stable economies with good financials. emerging companies have much better looking balance sheets. fax has a great track record over any three-year period. t
with the fiscal cliff and dealing with our debt situation and not have a debt ceiling hanging out there as a diversionary but dangerous issue. but for some reason, inexplicable, the minority leader, the republican leader, changed his mind. now, he said on the floor well, important measures deserve 60 votes, but when he brought it up earlier, he acted as if he was in favor of it, he was offering it. and now, of course, essaying no, he's going to object to his own resolution. i wish he would reconsider. again, playing -- using the debt ceiling as leverage, using the debt ceiling as a threat, using the debt ceiling as a way to achieve a different agenda is dangerous. it's playing with fire. and yet, with the opportunity to take that off the table, reassure the markets, the minority leader blinked. i don't know why. it's hard to figure out the strategy that he's employing, but we would hope on this side of the aisle -- and i think i speak for all of us -- that he would reconsider and perhaps early next week let us vote on his own resolution. i yield the floor. mr. schumer: i notice th
on a bipartisan basis from congress. the president has an obligation to steer us away from the fiscal cliff and to tackle our $16 trillion debt that is driven by runaway entitlement programs. we have seen an utter lack of leadership from president obama and his allies on the left have shown very little to no willingness to tackle real structural entitlement reform. there is no manner of tax hike that can save medicare or medicaid. these programs can only be fixed with real reforms. some on the left say tinkering around the edges of medicare and medicaid would be enough, or that the health law is in touch and a perform. they argue we do not need to examine the structural problems. make no mistake about it then been shoring up medicare and medicaid will not be easy. the situation has become so severe, it is the only responsible course to take them back in just over a decade medicare will be bankrupt. medicare beneficiaries receive $3 in benefits for every $1 they pay into the system. that is while 10,000 more americans join this program every day. the number of workers supporting it has decli
revenue, this fiscal cliff issue much larger. talks about the debt ceiling and what that means for next year. treasury saying that sometime early next year they will run out of those extraordinary measures and the u.s. will have to raise the debt ceiling or default. back to you. ashley: very good point. rich edson in d.c. thanks very much. tracy: our next guest says, forget taxes. washington needs to focus on cutting entitlement spending if we want to prevent a battle between old and young americans. diana further got roth, senior fellow at man hat taken institute and joins us now. diana, seems to me raising the retirement age is the simplest thing you could do yet we're not talking about that. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is around 85. we need to raise retirement ages or somehow thinking about
for the fiscal cliff, for the greek debt buyback to go through on thursday. >>> the european markets are closing now. >> so no great direction in the markets today. it is interesting, i think, both angela merkel attended today her party conference, the cdu, the christian democrats, conservatives, she launched her campaign to run germany for a third time. the election is in the third quarter of next year. she actually warned against premature optimism over the crisis saying the worst is not over and we must be cautious going forward. now to a certain extent she would say that, would she not? otherwise we're not out of the woods. keep me in charge. but that was the message that came out of germany today. elsewhere as we kind of wait for things to happen, it's interesting the bond markets continue to rally. we were talking about this yesterday that greece has priced the debt buyback where it has. it will be more generous and next week they're likely to get their money from the rest of the european union. taking some of those concerns back out of the market so, again, today the spanish bond market r
're worried about what happens if we go over the fiscal cliff. play out the scenario for how things would go down if we actually do move past january 1 without an agreement. >> if you get lots of economist projections, you'll see the general view is the economy would have negative growth or a couple percentage points, whatever it is. near term recession impact. and that nt would be good to the economy because it's been moving its way out. what's really after people is will we be serious about fixing the long term problems of america's fiscal situation. basically having more revenue and less expenses so we can get the thing more if line. and that's pre-occupying people because they're worried about the longer term issue. if this doesn't move forward with a solution that actually starts to layout the ground work for the long term issues, it could be potentially disappointing. >> ceos say they have to lay out their plans for what they're planning on doing in january and they have to move forward with the plan that has an assumption that we don't get some sort of a solution. do you hear that fro
on how you could go about getting a debt deal in washington. up next, from burritos to the fiscal cliff, a little food for thought in our american made series. we have the president of moe's southwest grill. "squawk box" is back right after this. >>> checking the futures now, they will probably see a bit of an opening move higher. see if anyone talks. today more on what's moving the markets this morning frin a coue of minutes. peter is very quick on the gun, as you can see. i think i saw it from peter that mitch mcconnell was laughing yesterday and i saw boehner. comes out immediately. at the end of the week he goes back and says this is what was good about the week this is what was bad. we will get the comments firsthand. >> are american made company today is sizzle. 2012. pretty spicy profits. paul davaco, president of moe's southwest grill joins us. good morning, paul. >> good morning. how are you? >> let's talk about how -- how is business and what is -- how business is at your franchise and your company telling us about the health of the consumer? >> the business today could not be
is standing in the way now of a fiscal cliff solution. we're back in two. >>> it wasn't until the debt ceiling lauz but born with an . >> you know, i beg to differ, mr. president. to me, i understand the use of its is a weapon but to me the real problem isn't the debt ceiling. it's the debt. the debt is the problem. you know, to have an unlimited amount of money to call upon is too much power power for one person. it's always in our country been about checks and balances but i think this administration just wants more checks and no balancing of the checkbook. that isn't the kind of check and balance that i think the people that wrote the constitution had in mind. now, let's look at it a different way, when we think of, you know, some good entertainment, there's, you know, bob hope, the road to morocco, the road to singapore. i don't think that we want to have a movie someday called the road to the weimar republic because bob hope was in the old movies. there's no hope in that new movie and i think this issue really has to be discussed. now i understand there's issues about compromise and every
the real problems, the fiscal cliff, and the other group is talking about the real problem, the debt and deficit. what is the real issue? we have $16.3 trillion in debt as a nation. $1 trillion of overspending or each year for the last four years. let me set the example of what this really means. in 2007, our tax revenue, how much we were bringing in the treasury, is almost exactly what it is in 2012. from 2007 to 2012, the revenue is almost identical. the difference is our spending has gone up $1 trillion a year. from 2007 to 2012. so over the course of that time it's slowly built up. but each year we've been over $1 trillion in spending. while our revenue has stayed consistent basically from 2007 to 2012, that spending has happened. we seemed to identify that is the real problem, we're overspending, and until you deal with that issue you can't raise taxes enough to be able to keep up with the $1 trillion of accelerated spending. what's the cliff? i have so many people from my district and other people, who catch me and pull me aside. we hear about the fiscal cliff. we are not even
pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff? practicing matti >> we all have fiscal cliff fatigue. >> yeah, i think it's totally understandable, but it still hasn't been dealt with as we've just seen. we think there will be a fiscal slide. we have kind of three scenarios in find. a full fiscal cliff, a bunny slope or something in the middle, a fiscal slide. and i think that's where we're headed. we believe it will be in the neighborhood of 1.5% of gdp in fiscal adjustment and i think that's obviously better than the full lack of 4.5. and it's better than -- worse than something that wouldn't make too much difference. 1.5 will make an important difference still. >> and what's in that 1.5% in t
or the fiscal cliff. well, i might remind people that the fiscal cliff was gone over in august of 2011. . some have already forgotten. we were told if we didn't have a debt ceiling increase by august 2 we were going over the financial cliff, it was financial armageddon. everything would melt down. it was all going to be just this horrible financial malay. it was a disaster. we could not allow ourselves to get to august 2 without having a debt ceiling increase. some of us took -- we made proposals and we took a look at what was being proposed. we said, are you kidding? a supercommittee? that's not going to do any good. they'll never be allowed to reach an agreement. some of us were told, well, of course they'll reach an agreement because if they don't, there will be these massive amounts of devastating cuts to our defense and devastating cuts to medicare. they'd never allow $300 billion or so to be cut from medicare on the other side of the capitol here. and i reminded my friends, they just cut $700 billion from medicare for obamacare. this president and the senate were pitting our seniors agai
the fiscal cliff and caterpillar's ceo joins us from the nyse to talk about the fix the debt campaign and more. you know anything we don't know, doug, that you can tell us about how this finally looks and whether we do it? >> i don't know if i know any more than you do or not, joe, but we've all been working hard to impress upon our leadership in washington how important this is not to go over the cliff. we had good sessions with republican leadership, democratic leaderships and with president obama in the white house. nobody over there wants to go over the cliff at this time, there's nothing that wants to do it. >> once we get over it, we hope it's a bridge to something that will help you and caterpillar compete better in the world. after the cliff, what do you want? is there any emphasis on corporate tax reform that we need or how to bring $2 trillion back to this country? aren't those things, did you talk about any of those or the cliff? >> we talked about all of those, long-term competitiveness for our country, immigration reform that needs to happen, and there's a lot of bipartis
to sell. >> final question here. if we go over the fiscal cliff, you're at a great spot to tell us what you would see in the economy. how tough would things be? how tough would it be for real estate and your business? >> i don't mind. >> if we go over the fiscal cliff? >> no. >> why? >> because i think it will teach everyone a lesson. >> unemployment goes up. >> look, i think -- it isn't actually the impact of that. i think it'll get people so angry with the administration and the republican party that i think you might see something happen, actually. maybe that's what it takes, a good crisis is a terrible thing to waste. >> we've heard that before. barry, great to see you as always. >> pleasure. >> thank you so much. chairman and ceo of starwood capital group. we're still waiting on house minority leader nancy ppelosi. we'll bring you that when it happens. >>> meanwhile, corporate america preparing for a worst case scenario. the chairman and ceo of chevron will join me. keep it here on "the closing bell." the interview you won't hear anywhere else today. >>> up next, is anyone bucking
the fiscal cliff. in a twist, the retailer is issuing $3.5 billion in new debt to pay for it as a trait up payout would have exlahausted mh of its cash reserves. brian, the news with troor italy, it has gone to auction and raised a total of just show of 3 billion euros. ten year yield 4.45%, bid to cover did come down. the five year yield 3.32%. also lower bid to cover, but a total of $3 billion for the five year, just about $3 billion for the ten year. that's consistent with the rally we've been seeing. ten year at 4.5% there. yield lowest since november 2010. now, moving back over to the corporate side, brian reynolds is still with us. i want to talk about the trentd of companies borrowing in order to pay out dividends. it would be one thing if they were putting the cash piles we know they have to work. what do you think about them tapping debt markets for the purpose? >> as i said earlier, demand for corporate bonds is insatiable. they're willing to buy anything that any company will issue. so if you are a ceo of a company and rates are at historic lows, it makes a lot of sense to tap t
. standoff on the fiscal cliff. both side say the other needs to get serious about making a deal. the question is who will flinch first? tracy: former senator and debt reduction task force co-chair pete domenici is here. stocks twisting and turning on every word out of washington. we'll hear from a top strategist to protect your investments amid all the volatility. ashley: a trillion dollar problem getting enough attention. american student loan debt surging now topping credit cards and auto loans. tracy: we'll. ashley: we'll have you will the very pering numbers ahead. tracy: after all that i said senator domenici's name wrong. nicole petallides is on the floor of new york stock exchange. nicole, stocks trying to hold onto this 50 point gain here. >> we're actually moving higher now. we're moving close to highs of the day. we sold off early on coming off heels of yesterday where a lot of folks were concerned about some comments from the prior day. we had harry reid and boehner gave us a boost yesterday. today we sold off and moved back and forth. we've been over the unchanged li
to president obama right now. >> i have fiscal cliff fatigue. thank you very much. >> sure. tracy: we all do, dennis, but we have to talk about it because congress has to deal with it. we have a new gallup poll showing 5 # 4% of the voters rate the honesty of members of congress below that of used car salesmen. dianne black of tennessee joins us from the home state to hear what the constituents are telling her. what are con constituents sayin? >> well, you know, i'm hearing -oth from my individual constituents and business owners they are really concerned about the spending problem in washington. that's not really talked about. there's a lot of focus on the other side, but there is a real need to control the spending because we know we spend more than what we bring in every year, can want continue down this path, and you'll go off the cliff. we have to resolve that by going off the drivers of the debt, the entitlement programs, and we have to talk about that. tracy: right. we're not. i'm not sure why. i think an easy fix is raise retirement age. is that on the table for the republicans? >> w
dividends as early chris presents in advance of the tax hikes coming in the fiscal cliff. so we have booz allen already downgrade. costco downgraded by fitch. brown foreman was slapped around by s&p with a downgrade. carnival got hit with a credit negative rating from moody's so on and on and on. here's the deal. we're seeing 173 companies issuing dividends. this is and indicator taxes could be go up. 2 1/2 times the rate we saw of companies issuing special dividends in 2010 when bush rates were threatened to be revoked back then including dividends. interesting part of the story executives who championed fair share, americans should sacrifice like the cofounder of costco, jim senegal is getting a special dividend and saving $4 million in taxes along with the rest of the board. the board overall is saving eight million bucks on early $29 million payout. the 1%, corporate insiders who see the cash on the balance sheet, see the tax hikes coming are saying you know what? give me the special dividend now so we don't have to pay increased tax. >> costco hitting a all-time, 52-week high today.
with both parties to find common ground. solving the fiscal cliff in a that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term and for the good of our country and my colleagues, we're ready to work with the president to achieve those goals. >> mr. speaker, a couple of things. first, on the issue of tax rates, are you willing to accept no deal that includes some increase in the top tax rates? and i'm also wondering, what our final deadline is on this. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table but revenues that come from closing loopholes, getting rid of special interest deduckses and not raising rates we think is better for the economy, pure and simple. secondly, the american people expect us to find common ground, to work together and to resolve this and frankly sooner is better than later. >> you've been doing this for a long time. can you be candi
: the president sees the fiscal cliff showdown as an opportunity to break that linkage for good. republicans say they will not increase the debt ceiling now $16 trillion and due to expire in february without more deficit reduction. >> history shows the only major deficit cutting deals we ever do around here, ever, comes after debates over the debt ceiling. it may be a good idea if you don't care about the debt, but it's a non-starter for those of us who do. >> reporter: public opinion generally is on the president's side, but republicans in the house are not paralyzed or perilous, more unified behind speaker boehner than a year ago. why is this important? the white house is beginning to notice and now believe there is a deal boehner can find the stroets pass it. >> an idea what's really at stake. rebecca jarvis has a look how the government spends money and how it could spend less. rebec rebecca, good morning. >> reporter: good morning. >> the question comes up in terms of the money that we're talking about in raising the rate. how much is it that the republicans are objecting to? >> if you look
. how much of our discussion was not on the fiscal cliff, but actually the fact that what is really important here is avoiding the fiscal cliff, but using it as an opportunity to help address these huge fiscal issues. >> the group hamas "campaign to fix the debt," was co-founded by alan simpson and art singles, former coach fares on the fiscal commission for responsibility and reform. >> coming up next, governor's visit the white house, for meetings on the so-called fiscal cliff. and then remarks from congressman paul ryan and senator marco rubio from the kemp foundation awards dinner. >> this week on the c-span networks, hurricane sandy response and housing issues. wednesday, the fema administrator joins the housing secretary before the senate appropriations committee, to testify about hurricane recovery efforts. live coverage at 10:00 a.m. eastern on c-span 3. on tuesday, he secretary testifies on the federal housing administration and fiscal issues. see that live, starting at 10:00 a.m. eastern, here on c-span. [delaware runyan -- [bell ringing] >> follow harry truman's eldest gr
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